摘要
基于东南亚国家经济自由度和人民币国际化的特征事实与作用机制,构建2009—2022年的面板数据模型,使用全面FGLS法进行估计,探究东道国经济自由度对人民币国际化的影响。结果发现:东南亚国家经济自由度有助于促进人民币国际化,该结论经稳健性检验后仍成立;机制检验表明,东南亚国家经济自由度经扩大从中国进口,吸引中国对外直接投资而助力人民币国际化。因此,扩大人民币在境外交易使用,不仅要求东道国具有良好的经济制度,而且还应缩小双边经济制度距离,保持与中国更好的经贸关系。
Based on the characteristics and mechanisms of economic freedom and the internationalization of the Renminbi in Southeast Asian countries,this paper constructs a panel data model over the period from 2009 to 2022,using the comprehensive FGLS method for estimation to explore the impact of economic freedom in host countries on the internationalization of the Renminbi.The results show that economic freedom in Southeast Asian countries helps to promote the internationalization of the Renminbi,and this conclusion still holds true after robustness testing;mechanism testing shows that economic freedom in Southeast Asian countries promotes the internationalization of the Renminbi by expanding imports from China and attracting China’s outward direct investment.Therefore,expanding the use of the Renminbi in overseas transactions not only requires a sound economic system in host countries,but also requires the host countries to narrow the difference between bilateral economic systems and maintain better economic and trade relations with China.
作者
刘方
LIU Fang(School of Economics,Yunnan Normal University,Kunming Yunnan 650500,China)
出处
《金融理论与教学》
2025年第4期51-60,共10页
Financial Theory and Teaching
基金
国家社科基金项目“东南亚地区人民币国际化效果的国家异质性及政策优化研究”(21BGJ043)。
关键词
经济自由度
人民币国际化
全面FGLS估计
economic freedom
internationalization of the Renminbi
comprehensive FGLS method for estimation
